- Aldebaran Resources (ALDE) has upsized its private placement for total gross proceeds of $14,430,000
- The company will issue 18,500,000 common shares for $0.78 per share
- Following the offering, South32 will own approximately 10 per cent of Aldebaran’s issued and outstanding common shares
- Aldebaran will use the proceeds of the strategic investment to fund exploration activities at the Altar project in Argentina
- Aldebaran is a Canadian mineral exploration company
- Aldebaran Resources Inc. (ALDE) is down 3.90 per cent on the day, trading at C$0.74 per share at 1 pm ET
Aldebaran Resources (ALDE) has upsized its previously announced private placement for total gross proceeds of $14,430,000.
The company will issue 18,500,000 common shares for $0.78 per share.
On July 20, 2022, the company announced an investment by a wholly-owned subsidiary of South32 Limited.
Upon closing of the offering, South32 will own approximately 9.9 per cent, Route One will own approximately 44 per cent, and Sibanye-Stillwater will own approximately 17.6 per cent of Aldebaran.
Aldebaran will use the proceeds of the strategic investment to fund exploration activities at Altar.
The financing is expected to close by mid-August.
Aldebaran is a mineral exploration company that was spun out of Regulus Resources Inc. Aldebaran has the right to earn up to an 80 per cent interest in the Altar copper-gold project in San Juan Province, Argentina from Sibanye Stillwater Limited.
Aldebaran Resources Inc. (ALDE) is down 3.90 per cent on the day, trading at C$0.74 per share at 1 pm ET.